Zurich Cantonal Bank Now Supports Crypto Trading Services
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The bank revealed this on September 4 and integrated it into its digital platforms: ZKB eBanking and ZKB Mobile Banking.
It will manage the crypto trades with the involvement of Crypto Finance AG, a subsidiary of Deutsche Börse Group. That means it uses the technology of FINMA– and BaFIN-licensed firm Crypto Finance to guarantee a regulated and secure environment for cryptocurrency transactions. ZKB developed its own crypto custody solution, while Fireblocks has become its close partner in attempts to safely store digital assets.
The move by Zurich Cantonal Bank forms one of the most significant steps to greater mainstream cryptocurrency access to retail customers. For the first time, clients can trade Bitcoin and Ether directly via the bank’s digital channels without the need for a separate cryptocurrency wallet. The bank itself will hold all key data about the customer’s holdings and related security data, creating a more centralized and secure point of entry for new users in the asset class.
In any case, it currently offers the service only to clients who are resident in Switzerland. In order to turn on an account with the company, the clients have to sign agreements for trading and for securities, as well as a “Consent Declaration Disclosure.”
If this makes Zurich Cantonal Bank one of the few Swiss banks to make the leap, others, like PostFinance, have already made forays into offering crypto services. Its entry into the market underlines a wider acceptance of digital currencies within traditional banking institutions. The development in this way reflects the global trend of the increasing adoption of digital currencies by mainstream financial platforms.
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